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Ausgold & Great Boulder sign agreement for Yamarna Project in Western Australia

Mining News - Published on Mon, 08 Oct 2018

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Ausgold Limited announced that it has entered into an option agreement with fellow ASX-listed mineral exploration company Great Boulder Resources Limited in regards to its 100% owned Yamarna Project, located 125 km northeast of Laverton in Western Australia. The Yamarna Project, which is 40km north along strike of Great Boulder's Mt Venn Project, comprises exploration licences E38/2129 and ELA 38/3311 covering approximately 300km2 of the northern Mt Venn Greenstone Belt. With drilling on the Winchester Prospect having intersected disseminated sulphides chalcopyrite (copper), pentlandite (nickel) and pyrite (iron). Since this drilling Ausgold has identified further nickel-copper-cobalt, platinum group elements (PGE) and gold targets.

Under the terms of the agreement, Ausgold has granted Great Boulder an option to form a joint venture on granted tenement E38/2129 and application E38/3311 through the expenditure of $50,000 on E38/2129 during the current reporting year. With Great Boulder to drill two EM targets immediately at the Winchester Prospect. Upon exercise of the option Great Boulder will have the right to earn a 75% interest in the Yamarna Project by issuing Ausgold 1,500,000 fully paid ordinary shares and spending a minimum $500,000 on exploration on the tenements over a term of four years. Upon Great Boulder meeting the minimum expenditure milestone, Ausgold will retain a 25% free-carried interest in the Project up until a decision to mine.

1. On exercising option Great Boulder Resources Limited to issue 1.5 million shares and spend minimum USD 500,000 over four years to earn 75% interest in Ausgold's Yamarna Project, Western Australia

2. Drilling to commence immediately on EM targets at Winchester prospect

3. Ausgold will retain a 25% interest free-carried to decision to mine

4. Allows both companies to use regional expertise across a single, large belt

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Posted By : Joykumar Irom on Mon, 08 Oct 2018
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